Key regions: United States, Germany, United Kingdom, India, China
The SUVs market in Finland has been experiencing significant growth in recent years, driven by changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.
Customer preferences: In Finland, customer preferences have shifted towards SUVs due to their versatility, spaciousness, and all-weather capabilities. SUVs provide a higher driving position, which offers better visibility and a sense of safety on the road. Additionally, SUVs are popular among Finnish customers for their ability to handle the country's challenging weather conditions, including heavy snowfall and icy roads. The demand for SUVs is also driven by the desire for a more adventurous and active lifestyle, with many Finns using their vehicles for outdoor activities such as camping, hiking, and skiing.
Trends in the market: One of the key trends in the SUVs market in Finland is the increasing popularity of electric and hybrid SUVs. As the country aims to reduce its carbon emissions and transition towards a more sustainable future, there has been a growing demand for eco-friendly vehicles. Electric and hybrid SUVs offer lower fuel consumption and emissions compared to traditional petrol or diesel-powered SUVs, making them an attractive choice for environmentally conscious consumers. Another trend in the market is the rise of compact SUVs. These smaller-sized SUVs offer the benefits of an SUV, such as higher ground clearance and a spacious interior, while being more maneuverable and fuel-efficient compared to larger SUVs. Compact SUVs are particularly popular among urban dwellers who value the practicality and versatility of an SUV in a compact and city-friendly package.
Local special circumstances: Finland's unique geography and climate contribute to the demand for SUVs. The country's vast forests, lakes, and national parks make it an ideal destination for outdoor activities, and SUVs are well-suited for navigating the country's rugged terrain. Additionally, Finland experiences long and harsh winters, with heavy snowfall and icy roads. SUVs with all-wheel drive and winter tires provide better traction and handling in these conditions, making them a popular choice among Finnish consumers.
Underlying macroeconomic factors: The strong economy and high disposable income levels in Finland have also contributed to the growth of the SUVs market. As consumers have more purchasing power, they are able to afford larger and more expensive vehicles like SUVs. Additionally, low interest rates and favorable financing options make it easier for consumers to finance their SUV purchases. In conclusion, the SUVs market in Finland is experiencing growth due to changing customer preferences towards versatile and all-weather vehicles, the popularity of electric and hybrid SUVs, the rise of compact SUVs, local special circumstances such as Finland's geography and climate, and underlying macroeconomic factors such as a strong economy and high disposable income levels.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.Modeling approach:
Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).
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